MIAX Completes Acquisition of LedgerX from FTX Estate
The Miami International Securities Exchange (MIAX), a subsidiary of Miami International Holdings (MIH), has officially completed the acquisition of LedgerX — one of the key assets previously owned by the collapsed FTX Group.
The acquisition marks a significant step in MIAX’s expansion into the swaps and futures trading sector, positioning the company for broader participation in the regulated derivatives market.
Deal Details and Approval Timeline
The $50 million purchase agreement was first announced in April and later approved by Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware on May 4.
Following the court’s approval, the acquisition closed approximately 15 days later, officially transferring ownership of LedgerX to MIAX.
LedgerX, which operated as a regulated exchange and clearinghouse under the supervision of the U.S. Commodity Futures Trading Commission (CFTC), is expected to strengthen MIAX’s capabilities in the derivatives sector.
MIAX Eyes Growth in the Futures Industry
MIAX CEO Thomas Gallagher described the acquisition as “an important part of our growth strategy,” adding that it allows the firm to offer “new and innovative products to the swaps and futures industry.”
With this move, MIAX expands beyond traditional securities trading into the broader derivatives ecosystem — an area previously dominated by long-established players such as CME Group and ICE.
FTX Bankruptcy and LedgerX Sale
LedgerX was one of four FTX subsidiaries approved for sale in January by the Delaware bankruptcy court. The other entities included FTX Japan, FTX Europe, and stock-trading platform Embed.
Out of 117 interested buyers, 56 had expressed formal interest in acquiring LedgerX — reflecting strong demand for the asset due to its regulatory licenses and operational history under the CFTC.
Meanwhile, FTX has continued legal action related to its pre-bankruptcy acquisitions. On May 17, the exchange filed a lawsuit against former CEO Sam Bankman-Fried, co-founder Gary Wang, and former engineering director Nishad Singh over alleged mismanagement during the $200 million purchase of Embed.
Strategic Implications
With the completion of this acquisition, MIAX now gains a foothold in the U.S. derivatives market through a fully regulated platform — a move that could pave the way for new digital asset-based futures and swap products.
The acquisition of LedgerX is widely seen as a strategic step for MIAX to diversify its portfolio and position itself at the intersection of traditional finance and the evolving crypto derivatives space.
